METAL AND RECYCLING COMPANY K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
STATE OF KUWAIT
INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIOD ENDED JUNE 30, 2021
(UNAUDITED)
WITH
REPORT ON REVIEW OF INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
METAL AND RECYCLING COMPANY K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
STATE OF KUWAIT
INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIOD ENDED JUNE 30, 2021
(UNAUDITED)
WITH
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
CONTENTS
Report on review of interim condensed consolidated financial information | |
Pages | |
Interim condensed consolidated statement of financial position (unaudited) | 3 |
Interim condensed consolidated statement of profit or loss and other comprehensive income (unaudited) | 4 |
Interim condensed consolidated statement of changes in equity (unaudited) | 5 |
Interim condensed consolidated statement of cash flows (unaudited) | 6 |
Notes to interim condensed consolidated financial information (unaudited) | 7 - 17 |
REPORT ON REVIEW OF
INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
To the Board of Directors
Metal and Recycling Company K.S.C. (Public) and its subsidiaries
State of Kuwait
Introduction
We have reviewed the accompanying interim condensed consolidated statement of financial position of Metal and Recycling Company K.S.C. (Public) (the "Parent Company") and its subsidiaries (collectively the "Group") as of June 30, 2021 ,and the related interim condensed consolidated statements of profit or loss and other comprehensive income for the three months and six months periods then ended, and the related, interim condensed consolidated statements of changes in equity and cash flows for the six months period then ended. Management of the Parent Company is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Accounting Standard 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim condensed consolidated financial Information Performed by the Independent Auditor of the Entity." A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Basis for Qualified Conclusion
As states in notes No. (8 and 21) about the interim condensed consolidated financial information, the Group's investment in an associate ("Real Estate Development and Development Company - W.L.L.") has been listed for an amount of KD 5,465,720 (December 31, 2020: KD 5,465,720, June 30, 2020: KD 5,456,110). It includes the Real Estate Development and Development Company - W.L.L. On a real estate investment in the Amghara area on which the parent company's factory is located, and the parent company's share of the real estate investment amounted to KD 3,426,400 (December 31,2020: KD 3,426,400, June 30, 2020: KD 3,422,560) and it was vacated in favor of the Ministry of Commerce and Industry. The associate has not written off the carrying amount of this investment, which is inconsistent with the requirements of IFRS.
Qualified Conclusion
Based on our review, except for the possible effect of the matter described in the Basis for Qualified Conclusion paragraph, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34.
-2-
Report on other Legal and Regulatory Requirements
Furthermore, based on our review, the interim condensed consolidated financial information is in agreement with the books of account of the Parent Company. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No. 1 of 2016 as amended, its Executive Regulations as amended, or of the Parent Company's Memorandum of Incorporation and Articles of Association during the six months period ended June 30, 2021 that might have had a material effect on the Parent Company's financial position or results of its operation.
We further report that, during the course of our review, to the best of our knowledge and belief, we have not become aware of any violations of the provisions of Law No 7 of 2010 concerning the Capital Markets Authority and its related regulations during the period ended June 30, 2021 that might have had a material effect on the business of the Parent Company or on its financial position.
Nayef M. Al Bazie | |
State of Kuwait | License No. 91-A |
August 1, 2021 | RSM Albazie & Co. |
METAL AND RECYCLING COMPANY K.S.C. (PUBLIC) AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS OF JUNE 30, 2021
(All amounts are in Kuwaiti Dinars)
December 31, | |||||||||
June 30, | 2020 | June 30, | |||||||
ASSETS | Notes | 2021 | (Audited) | 2020 | |||||
Current assets: | |||||||||
Cash on hand and at banks | 3 | 2,956,088 | 3,487,748 | 3,767,186 | |||||
Time deposits | 4 | 1,051,697 | 1,047,054 | 1,020,953 | |||||
Murabaha investments | 5 | 29,715 | 29,715 | 29,715 | |||||
Accounts receivable and other debit balances | 6 | 4,352,738 | 4,977,590 | 4,026,379 | |||||
Due from a related parties | 7 | 49,000 | 48,600 | 18,400 | |||||
Inventories | 614,228 | 741,350 | 1,469,434 | ||||||
Total current assets | 9,053,466 | 10,332,057 | 10,332,067 | ||||||
Non-current assets: | |||||||||
Financial assets at fair value through profit and loss | 34,972 | 34,972 | 99,126 | ||||||
Investment in an associate | 8 | 5,465,720 | 5,465,720 | 5,456,110 | |||||
Investment properties | 2,342,000 | 2,342,000 | 2,390,000 | ||||||
Property, plant and equipment | 2,446,608 | 1,634,795 | 2,299,143 | ||||||
Right of use assets | 9 | 2,125,525 | 2,371,124 | 415,216 | |||||
Goodwill | 406,889 | 406,889 | 406,889 | ||||||
Total non-current assets | 12,821,714 | 12,255,500 | 11,066,484 | ||||||
Total assets | 21,875,180 | 22,587,557 | 21,398,551 | ||||||
LIABILITIES AND EQUITY | |||||||||
Current liabilities: | |||||||||
Due to banks | - | - | 216,404 | ||||||
Finance lease payables | - | 970,000 | 1,070,000 | ||||||
Term loans - Current portion | 10 | 888,000 | 1,158,000 | 1,559,500 | |||||
Lease obligations - Current portion | 11 | 611,155 | 672,133 | 192,204 | |||||
Accounts payable and other credit balances | 12 | 2,781,765 | 4,727,030 | 4,163,294 | |||||
Due to related parties | 7 | 1,551,258 | 847,688 | 788,206 | |||||
Total current liabilities | 5,832,178 | 8,374,851 | 7,989,608 | ||||||
Non-current liabilities: | |||||||||
Term loans - Non-Current portion | 10 | 2,911,847 | 636,846 | - | |||||
Lease obligations - Non-Current portion | 11 | 1,881,056 | 1,878,844 | 247,154 | |||||
Provision for end of service indemnity | 1,071,603 | 1,021,963 | 1,038,801 | ||||||
Total non-current liabilities | 5,864,506 | 3,537,653 | 1,285,955 | ||||||
Total liabilities | 11,696,684 | 11,912,504 | 9,275,563 | ||||||
Equity: | |||||||||
Share capital | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
Statutory reserve | 1,520,581 | 1,520,581 | 1,520,581 | ||||||
Treasury shares | 13 | (1,056,623) | (1,056,623) | (1,056,623) | |||||
Effect of change in ownership interest of a | |||||||||
subsidiary | 402,450 | 402,450 | 402,450 | ||||||
Accumulated losses | (3,004,705) | (2,567,797) | (900,658) | ||||||
Equity attributable to shareholders of the | |||||||||
Parent Company | 7,861,703 | 8,298,611 | 9,965,750 | ||||||
Non-controlling interests | 2,316,793 | 2,376,442 | 2,157,238 | ||||||
Total equity | 10,178,496 | 10,675,053 | 12,122,988 | ||||||
Total liabilities and equity | 21,875,180 | 22,587,557 | 21,398,551 | ||||||
The accompanying notes (1) to (21) form an integral part of the interim condensed consolidated financial information.
Msaed Ibrahim Al Houwly | Tarek Ibrahim Al-Mousa | |
Chairman | Vice Chairman and Chief Executive Officer |
3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
MRC - Metal & Recycling Company KSCP published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 09:31:03 UTC.